The SEC has acknowledged a filing for an XRP ETF from the NYSE and Grayscale, setting a 240-day review period. This is the first time the SEC has responded to an XRP ETF application. The SEC’s decision comes amidst its ongoing lawsuit against Ripple, the issuer of XRP. Bloomberg analysts predict a 65% chance of approval for an XRP ETF by the end of 2025. Other crypto ETFs, including Solana, Litecoin, and Dogecoin, are also up for a decision in October. The SEC has previously acknowledged several other applications for crypto-focused ETFs. The lawsuit against Ripple, which began in December 2020, saw a partial victory for Ripple in August 2023 when XRP was deemed a non-security when sold on secondary markets. The SEC filed an appeal on January 15, arguing that Ripple’s approach to selling XRP met the Howey Test criteria for securities.
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